Establishes the West Virginia Secure Choice Retirement Program for employees of certain employers.
The West Virginia Secure Choice Retirement Program Act establishes a retirement savings program for employees of certain employers in West Virginia. Employers with five or more employees who do not offer a retirement plan are required to enroll their employees in the program. Employees can choose to contribute to a Roth IRA or traditional IRA, with contributions automatically increasing annually. The program is administered by a board of directors, which sets contribution rates, investment options, and default investment funds.
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